The 4 best cross-border payment providers (for growing SMBs)

Managing international payments through your bank might've worked fine when you were smaller. But as your business grows and payment volumes increase, those cracks start showing. Hidden fees eat into your profits, payments seem to move at a snail's pace, and you're often left in the dark as to where your money actually is in the process.

It's these frustrations that have led you to seek out alternative providers.

With the right cross-border payment provider, you can hold, send and receive funds across currencies without watching fees chip away at your hard-earned profits. A great cross-border payment provider will offer transparent pricing, faster settlement times, and the visibility you need to manage international payments and cash flow properly.

But which one should you choose? In this guide, we'll compare the top providers to help you find the best fit for your growing business.

What does a cross-border payment provider do?

Cross-border payment providers relieve the headaches that often come with international payments. They're built specifically to handle what banks struggle with — making international payments simple and transparent.

Here's what a good cross-border payment provider can help you do:

• Convert and send international payments: You can initiate a payment in your local currency while your global suppliers receive payments in theirs.
• Receive payments from international customers: Your customers can pay in whatever currency works for them — USD, EUR, GBP, or dozens of others — without needing to figure out currency conversion on their end.
• Hold funds in a multi-currency account: Instead of converting funds back to your local currency when it lands in your account, you can open different currency "pockets" within one account. From there, you can wait for exchange rates to move in your favour by keeping hold of the funds in a foreign currency, ready for any future outgoing payments.
• Transfer funds between your own offices and subsidiaries: Cross-border payment providers let you move money between subsidiaries with ease, so you can send money from your headquarters in France to your US subsidiary, for example.
  
  

These providers turn what used to be a complex, expensive process into something manageable and advantageous for you. You get more visibility into your cash flow position across multiple currencies or subsidiaries, the flexibility to hold funds across dozens of foreign currencies, and control over when you move money across borders.

But if cross-border payment providers are so much better, why do businesses still use banks for international payments?

Why not just send and receive international payments using your bank?

Traditional banks may seem like the obvious choice for international payments — they're familiar, you already have an account (or numerous accounts) with them, and they handle domestic transfers just fine.

But when it comes to cross-border payments, banks weren't built for what modern businesses need.

Here's why sticking with your bank for international payments will cost you:

• Hidden fees and higher exchange rates: Banks typically add a 2-4% spread on top of the mid-market exchange rate when converting your money. And that's on top of any flat or percentage-based transfer fees. So what seems like a simple transfer can easily turn into hundreds or thousands in hidden costs.
• Cash flow delays that hurt your business operations: When bank transfers take 3-5 business days to settle, you can't predict when suppliers will receive payment or when customer payments will actually land in your account. This uncertainty makes cash flow planning nearly impossible.
• Zero visibility into where your money is: Once you hit send, your bank gives you a reference number but that only gets you so far. You have little to no idea if your payment is stuck somewhere along the way, which intermediary banks it's routing through, or when it'll arrive — which means you don't have any answers when your suppliers ask for status updates.

What to look for in a cross-border payment provider 

Not all cross-border payment providers work the same way. Some focus on payments only, others on cost, and a few try to do a whole lot more (which often means they're not great at any one thing).

Here's what to look for when you're evaluating which provider is best for you:

Send and receive funds across the global currencies you work with most

You might be surprised at how many providers only handle the "major" currencies (USD, EUR, GBP) and leave you hanging or charge more if you work with less common currency pairs.

Make sure your provider supports the specific currencies you work with most — and any you may need in the near future. If you're paying suppliers in multiple countries or accepting payments from international customers, you need a provider that supports those particular markets — not just the major regions and currencies.

Access to a multi-currency account to hold funds in multiple currencies (without having to convert right away)

Most banks convert your money the moment it hits your account. A customer pays you in USD, but since your standard bank account will receive EUR — whether the exchange rate is in your favour or not.

Multi-currency accounts act as a digital wallet, meaning you can hold foreign currencies in separate "pockets" within one account. Your euros stay as euros until you decide to convert. Pounds stay as pounds, US dollars as US dollars, and so on.

From there, you hold the keys. You can decide to convert between currencies when exchange rates are more favourable for you, or you can simply hold your funds in a certain currency until you need to use them. This helps to prevent unnecessary conversion fees and protects your profit margins.

If you're sending or collecting payments in different countries or across foreign currencies, a multi-currency account is pretty much essential.

Detailed payment tracking to keep tabs on where your money is

Most banks will tell you that international payments take "2-5 business days", give you a reference number, and that's about it. You have no idea if your payment is moving smoothly through the system, stuck at an intermediary bank, held up by compliance checks, or when it'll actually arrive at its destination.

Good cross-border payment providers give you real-time visibility into each step of the process for international payments sent using the SWIFT network. You can see when your payment clears your account, which intermediary banks it's routing through, and when it's expected to land in your beneficiary's account.

FX risk management tools to help you manage your exposure to exchange rate fluctuations

Working across multiple currencies inevitably creates FX risk. Exchange rates can shift dramatically seemingly overnight, which means:

• Profitable deals can quickly flip on you without warning
• Budgets and forecasts can run off the rails
• Cash you'd earmarked for upcoming payments may not be enough anymore

Look for providers that offer FX risk management tools like forward payment contracts. These tools will let you lock in today's exchange rates for payments you plan to make in the future, meaning you don't just have to cross your fingers and hope the currencies you're working with stay consistent.

Security, compliance and reliability as top priorities

Make sure your provider is properly regulated by legitimate financial institutions. They should have fraud prevention systems and clear policies about how they protect client funds.

If they can't explain their security measures clearly, that's a big red flag. Your money should be safeguarded at all times, not sitting in some digital version of the Wild, Wild West.

Access to real humans when you need support (not AI chatbots) (not just a chatbot) 

When you're dealing with time-sensitive payment issues, the last thing you want to do is go round in circles with an AI chatbot that tries to push you toward some not-so-helpful help docs.

You need real answers from real people.

Make sure the cross-border payment provider you work with gives you access to dedicated account managers and support teams — real people that you can pick up the phone and call.

Even better, look for a provider that also gives you access to payment specialists who actually understand FX and can help you create a personalised strategy — not just troubleshoot problems.

4 best cross-border payment providers for growing SMBs

By now, you know you're looking for transparent fees, multi-currency accounts, real-time tracking, FX risk management tools, airtight security, and human support when things get complicated.

So which provider should you work with?

1. iBanFirst

First up, iBanFirst. Founded in 2016, iBanFirst is a cross-border payment provider built specifically for growing SMBs. Combining a simple yet powerful platform with support from our in-house FX experts, iBanFirst is transforming the cross-border payment experience for small and medium-sized enterprises.

What do you get with iBanFirst?

• With an iBanFirst multi-currency account, you can hold, send and receive funds in 25+ currencies.
• The iBanFirst platform is purpose-built for small and medium-sized businesses with significant international payment needs.
• You and your beneficiaries can track your payments across borders — just like a parcel — with time-stamped updates at every step.
• Our dedicated account managers are FX experts who know your business. They can help you build custom FX strategies and make use of our fixed, flexible and dynamic forward payment contracts to protect your business against currency fluctuations.
• iBanFirst offers a host of integrations, so you can connect it to your existing stack, thus eliminating fragmented systems and unlocking automation across your financial processes. You can also use the iBanFirst API to integrate iBanFirst with third-party tools in your tech stack.
  
  

What are the trade-offs?

• iBanFirst is less suited to businesses with low international transfer volumes.
• We don't offer debit cards like some of the other providers listed.
  
  

How does iBanFirst pricing work?

With iBanFirst, there's no setup fee, no monthly subscription costs and no hidden fees — what you see is exactly what you pay.

Our transparent pricing structure is designed with scaling international businesses in mind. iBanFirst gives you a standard exchange rate spread that applies across all your transactions. This means you can predict your costs even as your payment volumes increase, rather than watching percentage-based fees eat away your profits.

Who is iBanFirst best for?

• iBanFirst is great for established SMBs that are outgrowing entry-level payment providers and need advanced tools for things like FX risk management.
• Importers/exporters with international supply chains seeking the tools and expertise to manage complex payments and don't want fees eating into their margins.
• Wholesalers who rely on FX risk management tools and crave detailed payment tracking and hands-on, responsive support.
  
  

The Bottom line

If you want to avoid tiered pricing models that never quite fit your business needs perfectly, manage foreign currency risks and receive hands-on support from FX experts who understand your business, iBanFirst is a great fit. What's more, you're able to track international payments every step of the way, with detailed, timestamped updates and tracking links you can share with your partners and suppliers.

2. Revolut

Revolut has established itself as a mobile-first financial solution for both personal and business users. They've expanded beyond multi-currency accounts to include payment processing, expense management tools, debit cards, and various integrations, positioning themselves as a comprehensive solution for freelancers and enterprise-level businesses.

What do you get with Revolut?

• Revolut supports 25+ currencies and offers local account details in GBP, USD and EUR. For all other currency accounts, you use SWIFT account details for international transfers.
• It offers a broader range of features than most, including tools for team spending and expense management.
• Revolut’s fixed and flexible forward payment contracts mean you can manage currency risk.
• You can use physical and virtual cards with spend controls for team members, expense categorisation, and real-time notifications.
• Revolut also integrates with accounting, expense management and HR tools.
  
  

What are the trade-offs?

• Revolut’s aim of appealing to all business sizes — from freelancers to enterprise businesses — comes at the expense of SMB-specific solutions.
• Its pricing structure means key features are locked behind more expensive plans and weekend exchanges can come with additional markups.
• Revolut’s more personalised support only comes at the 'Enterprise' tier, leaving SMBs to face the complexities of FX alone.
  
  

How does Revolut's pricing work?

Here’s how Revolut’s tiered monthly subscription model works:

• Basic: €10 per month, limited features
• Grow: From €30 per month, exchange up to €15,000 monthly at the interbank rate
• Scale: From €90 per month, exchange up to €60,000 monthly at the interbank rate
• Enterprise: Custom pricing with specialised account management

Each plan comes with a monthly allowance for currency exchanges at the interbank rate. Once you hit your limit — or if you decide to make a transfer during weekends or outside market hours — the extra fees kick in (typically 0.6% to 1%).

Who is Revolut best for?

• Freelancers, smaller businesses and enterprises looking for a solution with a broader range of features and don’t mind the tiered pricing structure.
• Businesses that need to accept payments through online gateways, e-commerce integrations, and contactless QR codes.
• CFOs and finance teams that want to manage expenses, issue company cards to their teams, set spending limits and control where the cards can be used.
  
  

The bottom line

Revolut offers extensive functionality across multiple financial areas. However, their approach of serving vastly different business sizes means you may end up paying for features that don't match your needs or find yourself limited by your current tier. Additionally, dedicated account management and personalised support are reserved for enterprise-level clients, so businesses seeking hands-on guidance through the complexities of the FX markets will need to rely on self-service resources only.

3. Wise

Founded in 2011, Wise has become one of the most recognisable names in international transfers. Originally built for personal users looking to pay less than traditional bank fees, it has since expanded into business accounts that lean on the same straightforward approach.

What do you get with Wise Business?

• Wise’s multi-currency accounts let you hold 40+ currencies with local account details in 9 of them (including GBP, USD and EUR). For all other currencies, you can send and receive payments using SWIFT account details.
• Wise keeps things simple both in terms of pricing and functionality.
• It targets both individual consumers and businesses, particularly those looking for a cost-effective solution.
• You can integrate Wise with accounting tools in your financial ecosystem, including Xero, QuickBooks and Sage. All of these integrations come standard with every account.
• Wise also offers physical and virtual debit cards for team spending, which link directly to the account balance in your chosen currency.
  
  

What are the trade-offs?

• Once you're regularly moving €100,000+ annually across borders, Wise's per-transaction fees start adding up quickly.
• If your business is growing, foreign currency risks are becoming more of a concern. Wise doesn't offer any FX risk management tools or dedicated support to help you protect your margins from exchange rate swings.
• When you're working with larger payment volumes, sometimes chatbots, help docs and support tickets alone simply won't cut it — you need support from an expert who understands both your business and the complexities of the FX market.
  
  

How does Wise's pricing work?

There are very few surprises when it comes to Wise's pricing. Wise charges a one-time opening fee of €50. After that, there are no recurring monthly subscription fees — you only pay for what you use. It offers currency conversions at the mid-market exchange rate with a percentage-based fee added. There are no hidden markups or fees.

For international payments, you'll pay a percentage-based transfer fee — typically between 0.33% and 1.0% of the payment amount, depending on the currency pair.

Who does Wise suit best?

• Digital nomads and self-employed business owners who work with international clients in multiple currencies.
• Smaller businesses starting to expand internationally and looking for an efficient and affordable solution for handling cross-border payments.
• E-commerce businesses selling products across borders with low transaction volumes.
  
  

The bottom line

With its simple features and competitive pricing, Wise is ideal for digital nomads, freelancers and micro-businesses. However, as transaction volumes increase and currency risk becomes more significant, businesses often start to notice Wise's limitations — particularly the lack of FX risk management tools and expert support for complex international payments.

4. Airwallex

Founded in 2015, Airwallex is a cross-border payment provider that offers multi-currency accounts, international transfers and payment acceptance tools. Much like Revolut, Airwallex positions itself as a comprehensive, all-in-one solution for payments, spending, and expense tracking with the goal of streamlining global financial management.

What do you get with Airwallex?

• With Airwallex's multi-currency account, you can send and receive payments in 23 currencies.
• Airwallex is a payment gateway which allows e-commerce businesses to collect online payments.
• Virtual and physical cards are available for expense management.
• Teams can track and control global spending.
• You can sync bank feeds with Xero, QuickBooks and NetSuite at the Explore, Grow and Accelerate plans and access custom API implementations with the Custom plan.
  
  

What are the trade-offs?

• The more complex platform features are plan-dependent and may require a steep learning curve for some users.
• Airwallex's pricing structure isn’t the most SMB-friendly.
• Dedicated account manager support only kicks in at the Accelerate plan.
  
  

How does Airwallex pricing work?

Airwallex offers a tiered pricing structure for EU businesses:

• Explore: €0 per month (if you deposit €10,000 monthly / maintain a €10,000 balance) or €19 per month.
• Grow: €49 per month, which adds expense management and bill pay features.
• Accelerate: €999 per month.
• Custom: Tailored pricing for high-volume businesses.

Airwallex also charges a 0.5% to 1% exchange rate markup on all conversions, depending on the currency.

Who is Airwallex best for?

• E-commerce businesses that want to create online checkout links and accept global payments.
• Freelancers and smaller businesses looking for a solution with a broader range of features and don’t mind the tiered pricing structure.
• Larger businesses that can afford the Accelerate or Custom plans and benefit from hands-on support.
  
  

The bottom line

Airwallex is similar to Revolut in that it's a feature-rich provider with plenty going on under the hood. But this extra functionality means Airwallex is trying to be everything for everyone, the downside being a lack of SMB-specific tools. Plus, if you value having an account manager who understands and supports your business, you'll need to look at their Accelerate or Custom plans, which come with hefty monthly fees.

Get started with iBanFirst today

Growing your business across borders shouldn't mean dealing with hidden fees, payment delays, and a lack of dedicated support when you need it most.

We've been helping SMBs handle their cross-border payments since 2016 — and we've learned that what you really need is pricing transparency, payment visibility, and actual human experts who understand FX (and your business).

With iBanFirst, you get:

• Multi-currency accounts that let you hold, send, and receive funds in 25+ currencies
• Real-time payment tracking with timestamped updates you can share with suppliers
• FX risk management tools, including fixed, flexible, and dynamic forward payment contracts, to protect your margins from currency swings
• Transparent pricing with no monthly subscriptions and no hidden costs
• Real human support from FX experts who know your business
• Seamless integrations and API access to connect iBanFirst with your existing tools

Open your account in minutes and get the cross-border payment support and experience you need to grow confidently across borders.